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Republicans Unveil New Tax Plan

House Republicans revealed a tax cut plan that drastically reduces the corporate tax rate and lowers taxes for most Americans but limits a deduction for homeowners. The party plans to get the bill to President Trump by Christmas. (Published Thursday, Nov. 2, 2017)

If the Republican tax cut bill passes, President Donald Trump would "get killed" financially, he claimed in a call with 12 Senate Democrats Tuesday as he tried to curry favor for the measure, NBC News reported.

Multiple people who were present discussed the call, which included two top Trump advisers and turned into a sparring match over who is to blame for the gridlock in the Senate.

On a trip in South Korea, Trump told the Democratic senators, many from states Trump won in 2016, that a tax bill needed to come with a repeal of the estate tax as a concession to rich people. He has not released any tax returns, so it's not possible to accurately assess how the GOP plan would affect him personally.

The president said "this bill is terrible for rich people, and we (Democrats) don't really agree," said Sen. Sherrod Brown, D-Ohio.